Cuba sets stage for foreign investment: minister

HAVANA, March 20 (Xinhua) -- Cuba has all the necessary conditions to attract foreign investment, Foreign Trade and Investment Minister Rodrigo Malmierca was quoted by Cuba's offcial daily Granma as saying on Thursday.

He cited current economic reforms, political and social stability, highly skilled labor and legal frameworks that will be further strengthened by a new Foreign Investment Law.

The proposed bill, to be submitted on March 29 to the National Assembly, provides legal guarantees and incentives aimed at attracting investment in line with Cuba's socialist system, the minister told a gathering of regional representatives.

"Compared to the current law, the new bill has substantial changes, being more complete, modern, flexible and transparent than the previous one," he said.

The proposed law defines the rules governing "each sector of the economy and the special regulations in the area of trade, labor relations and other important aspects," he added.

The bill also mends flaws in the earlier version, he said, without going into further detail.

The current foreign investment law was enacted in 1995, when Cuba first tried to attract foreign capital following the fall of the Soviet Union, its main economical ally at the time.